Utah Recognized for Innovation Ecosystem Growth

Utah has seen a significant rise in new business applications, with over 71,000 filed in 2023, marking a rate of 20.9 per 1,000 residents, making it one of the top states for new business creation. This surge in entrepreneurship emphasizes the role of small businesses as essential to the U.S. economy. Concurrently, Utah is recognized as a leading state for innovation, ranking first in the Innovation Intelligence Index, which measures factors like human capital and economic well-being. The state's diverse industries, supported by higher education institutions, contribute to this innovation ecosystem. Reports highlight the importance of collaboration among stakeholders in fostering economic growth and innovation. With initiatives like the Utah Innovation Fund, the state aims to bolster local startups and further its economic success.